We are seeing candidates take new roles for higher salaries (of course!) but many are swayed by the wider package and culture of a new employer particularly with respect to reward and recognition strategies.
We recently put in a submission for an award for having strong reward and recognition strategies in place. No idea if we will even get to be finalists, but for what it’s worth, here is what we do – to help retain staff and attract new people to the business.
Firstly, it is important to understand the WHY? All our rewards and recognition are designed to follow our company culture, and in line with Investors In People Standards – we’ve done a lot moving this forward in recent years.
- Pay: As well as supporting people in full during Covid, we have back-dated pay increases and awarded the highest review to date to help cope with the cost of living increases.
- Shared commissions – key to getting collaboration and cross-selling
- Good Egg Awards – celebrating the small stuff, that falls in line with company culture
- Days off incentive for achieving goals, & for community working
- Flexible & Hybrid working – for all – fully flexible and fully hybrid
- Wellbeing Fund – rewarding all for working on the 5 ways to wellbeing
- Car allowances for more senior staff
- EMI Share scheme in the process – planning for the future
- Private Medical Insurance with well-being support
- Socials – rewarding great performance, anniversaries, birthdays, or just getting together and getting to know people outside the workplace
- Awards – we love celebrating our clients’ successes by sponsoring them, and entering in our own right, encouraging staff to enter, and wherever possible bringing them along for the events.
Many companies will have many different approaches, though it is important to keep reviewing the strategy – checking it is in line with your goals of perpetuating culture and attracting and retaining staff.
We would be happy to discuss your reward and recognition strategy, with a view to attraction and retention, and also have access to a leading industry HR expert in this area for a more detailed analysis.
Talk to Jim Roach at 07710 346000